ud delivery the Just Eat business Take it away took a staggering £2.5bn hit from a write-down on its US unit Grubhub, as the food delivery firm renewed pledges to sell the company amid a slump in takeaway orders.
The London-listed firm reported a loss of £112m for the first six months of 2022 as orders fell 7% compared to 2021 and the value of each order fell 3%. The UK and Ireland fared worse than other European regions with a 13% drop year-on-year.
Just East Takeaway has become the latest firm to report a fall in food orders as consumers feel pressured by soaring inflation and the rising cost of living. Home delivery chain Domino’s saw revenue fall 6% to £711m on Tuesday as a surge in demand for cheese and tomato pizzas during last year’s lockdown stalled following the easing of Covid restrictions. Last week, pub chain Marston’s said revenues fell 2% in the 42 weeks to July 23 compared with pre-pandemic levels, as the chief executive said “food sales fell” and “people stopped going to butchers”.
Just Eat Takeaway has faced continued pressure from asset investor Cat Rock Capital to sell Grubhub after completing a £5.6bn takeover of the business last June.
In April, Just Eat CEO Jitse Groen said the company is “negotiating with people” about a potential sale, and also appointed financial advisers. He does not rule out selling the business at a loss relative to its purchase price last year.
The company announced that it plans to reassign Jörg Gerbig allegations of misconduct at a corporate event. Just Eat would not comment on the details of the allegation, the nature of the misconduct or where it occurred, citing privacy concerns.